(Reuters) – New York Community Bank (NYSE:) said Tuesday it has expanded the role of its President and CEO Joseph Oetting to include the title of Chairman.
The regional lender also said Alessandro Dinello will step down as the bank’s non-executive chairman at the close of business on June 5. He will continue to serve as a director on the board of directors and senior advisor to the CEO.
The stock drop has caused NYCB’s market value to fall by billions since January, about a year after the collapse of Silicon Valley Bank and Bank signature (OTC:) has raised widespread concerns about the health of the sector.
In March, the lender received a $1 billion lifeline from a consortium of investors led by former US Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital.
NYCB has since developed a plan to restore profitability over the next two years and has vowed to shrink its balance sheet by trimming non-core assets.
The bank has sought to address investor concerns and revive its battered shares, which have fallen about 69% this year.